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 Letter to Employees from Delphi Chairman Steve Miller |
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amantroug
头衔: 海归上校
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加入时间: 2004/03/01
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作者：amantroug 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Chairman's Letter
Letter to Employees from Delphi Chairman Steve Miller
POSTED: October 8, 2005
Dear Delphi Employee:
As I have previously shared with most of you, I believe Delphi is a company in transformation. I want all of our employees to understand the critical step we have taken to transform our U.S. businesses and to continue the current growth and success of our global operations.
Today, Delphi Corporation and certain of its domestic U.S. subsidiaries filed voluntary petitions for business reorganization under chapter 11 of the U.S. Bankruptcy Code. We took this action in order to preserve the value of the company and complete the transformation plan designed to resolve our existing legacy issues and the resulting high-cost structure of our U.S. operations.
As we move through the reorganization process there are several important facts you should know and understand about chapter 11.
· Delphi is not going out of business. The U.S. chapter 11 filing is a business reorganization, not a liquidation.
· Delphi's non-U.S. subsidiaries in the 39 countries outside the United States were not included in the filing, will continue their business operations without supervision from the U.S. courts, and will not be subject to the chapter 11 requirements of the U.S. Bankruptcy Code.
· Our chapter 11 business reorganization is well financed, well planned and well organized.
· We expect our global operations - those in the U.S. and those in Asia Pacific, Canada, Europe, South America and Mexico-will continue without interruption.
· In the U.S., as is common practice in a chapter 11 filing, we have asked the Court for authorization to pay wages, salaries, and current benefits of its hourly and salaried employees in the ordinary course of business. We expect the Court to grant our request at a hearing later this week. Outside the U.S., normal payments of wages and benefits will also continue.
· Our plants, offices and other facilities will continue to operate.
· All of our global customers can be assured that we will continue to meet their quality, scheduling, delivery and production needs in a timely manner.
· Our customers should expect to receive the same superior engineering for which Delphi is known. We remain committed to developing technology and new products and providing our customers worldwide with our unparalleled customer support.
The Delphi Strategy Board and I will continue to manage both the U.S. and global businesses. We will work to complete our U.S-based restructuring and emerge from Chapter 11 business reorganization as soon as possible. Given the complexity of this situation, we expect to complete our business reorganization and emerge from chapter 11 in early to mid-2007.
There are a relatively small number of our employees residing outside of the U.S. who work for U.S. entities incorporated in Delaware that are a part of the Chapter 11 reorganization. These include employees in our Liverpool, England operations (Delco Electronics Overseas Corporation), in Moscow (Delphi Automotive Systems Overseas Corporation), and in Switzerland (Delphi International Services, Inc.). As with our employees who reside in the U.S. who work for these and other U.S. businesses, these companies are expected to continue day-to-day operations. In addition, there are two companies with ties to U.S. subsidiaries incorporated in Delaware which do not have any employees that are included in the filing. One company is in Korea and the other in Taiwan.
I want to assure you that we have adequate cash to continue paying for goods and services we need to operate and serve our customers. We plan to finance our global operations by utilizing our access to a total of $4.5 billion in credit facilities, including a new $2 billion debtor-in-possession (DIP) financing facility being provided by a group of lenders led by JPMorgan Chase Bank and Citigroup Global Markets, Inc., and $2.5 billion borrowed from pre-existing revolving and term loan credit facilities. The proceeds from the DIP financing together with cash generated from daily operations and cash on hand will be used to fund post-petition operating expenses, including supplier obligations and employee wages, salaries and benefits.
The overall liquidity includes more than $1 billion on hand outside the U.S. which Delphi does not plan to use to fund U.S. operations. These funds will support its global operations outside the U.S. and help ensure the continue adequacy of working capital throughout its global business units.
As you know, we have been engaged in constructive discussions with representatives of our major unions in the U.S., but were unable to complete the necessary modifications to our collective bargaining agreements without assistance from General Motors Corporation or intervention of the U.S. courts. We will be making a further proposal this month to each of our unions to transform our labor agreements to a competitive labor cost structure and to address non-profitable and non-strategic U.S. operations. We also expect pension plans and health and retiree benefits will be aligned with competitive benchmarks in the industry and our transformation plan.
As part of our transformation plan, we will need to realign our global product portfolio and manufacturing footprint to preserve our core businesses. This will require a substantial segment of our U.S. manufacturing operations to be divested, consolidated or wound down through the Chapter 11 process. I know you are asking "How will this affect me?" As we are in the process of analyzing our global operations, I can't give you any further details today. However, I can promise to share specifics as soon as they are available.
With this letter you will find some additional information, including some questions and answers you may find helpful. We will provide updates through Apollo. I encourage you to read these materials and to take them home to share with your families. If you have additional questions please ask your supervisor. We have also established a special toll-free line to respond to questions from employees, customers, retirees and other stakeholders. The number is (866) 688-8740 or (248) 813-2602. In addition, we also have set up a special toll-free supplier information line. That number is (866) 688-8679 or (248) 813-2601. Please direct all calls related to the chapter 11 filing to the appropriate call center.
We expect a good deal of media interest in Delphi as a result of the filing. It is especially important that all contact with reporters be limited to those most qualified to answer their questions. Therefore, general media inquiries should be referred to Claudia Baucus at (248) 813-2942 or your regional media spokesperson. Delphi plant city inquiries should be referred to Lindsey Williams at (248) 813-2528. AHG media inquiries should be directed to Brad Jackson at (248) 813-6873.
Our plan for the next several months is to provide you with the best possible support so that you can keep production, customer service and sales at the highest possible levels. At the same time, we will also be working to develop a plan of reorganization to address our U.S. legacy issues and pay our creditors.
The senior management team and I greatly appreciate your continued efforts and support of our customers.
We will keep you informed as we go forward.
Sincerely,
Robert S. "Steve" Miller
Chairman and Chief Executive Officer
作者：amantroug 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Letter to Employees from Delphi Chairman Steve Miller -- amantroug - (7543 Byte) 2005-10-12 周三, 19:50 (788 reads)
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